Packaged Food Market report is segmented by industry, size, share, Analysis. The report on packaged food industry witness rapid growth in North America.
Portland, OR -- (SBWIRE) -- 06/13/2017 -- Allied Market Research has published the global packaged food market report that forecasts the industry to garner revenue worth $3.03 trillion by 2020, registering a CAGR of 4.5% during the forecast period 2015–2020. The study considers the current and future market size, share, trends, and opportunities to forecast the future tendencies. As per the findings of the report, the non-alcoholic drinks segment dominated the overall sales owing to a huge demand for read-to-drink (RTD) beverages around the world.
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Among the product types covered, baby food segment is observed to register the fastest growth rate. The global package food market study projects North America to be the geographical region with the highest revenue contribution towards the global value. primarily driven by the growing awareness towards modern care practices in baby health and food hygiene, primarily, in the developing nations. Presently, North America is the highest revenue generating region in the global market and would continue to maintain its dominant position throughout the analysis period. However, in terms of growth, Asia-Pacific would be the fastest growing market, expected to grow at a CAGR of 5.4% during 2015-2020.
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The global packaged food market report provides an in-depth analysis of the industry structure to build a complete understanding among its readers. Primary and secondary industry inputs are put through data regression tools to derive intelligent qualitative and quantitative information. The report presents the derived information in a comprehensible format, supported by suitable infographics for the ease of understanding. The various product types covered within the scope of the report include ready meals, baked foods, breakfast cereals, soups, baby food, potato chips, nuts, instant noodles, pasta, biscuits, chocolate confectionary, cheese, yogurt, ice cream, sauces, dressings & condiments, and non-alcoholic drinks. Out of these products, non-alcoholic drinks and baked foods collectively contribute to nearly three-fourths of the global market in terms of value.
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The global packaged food market report assesses the factors that sustain the dominance of these product categories. As evident, the global demand for baked food (including cake, pastries, and bread) and bottled beverages (carbonated and non-carbonated) has supplemented the constant lead for these segments. The study reports that RTD beverages contribute for a major share in the non-alcoholic drinks division, and has witnessed a remarkable growth and widespread acceptance in countries across the Asia-Pacific over the recent past. At present, bottled water witnesses a remarkable scope of demand surge in developing nations. This is because of the rise in per capita income, increase in health awareness, and change of lifestyles. These factors have added a significant boost to the regional demand for packaged and purified water.
Key Findings of Packaged Food Market:
- The global packaged food market report attributes the growth in demand from emerging economies for the tremendous future scope for the industry.
- Based on the different product types, the baby food and yogurt segments would register a CAGR of 6.4% and 6.0% respectively, during 2015–2020.
- The study estimates Asia-Pacific region to register the highest CAGR, which is projected to be around 5.4% over the forecast period. This growth trend is attributed to recent increase of per capita income and increasing health awareness across the region.
- Countries with a surging economic graph, such as China and India, would exhibit expanded market potential for packaged food products.
The global packaged food market report provides the company profiles of the leading players to discuss their operational segments, financial performance, business strategies, and geographical footprints. As per the latest trends, manufacturers in the packaged food market rely on customer feedback and preferences to gauge the potential of their products and deal with required amends. Their prime focus is on business expansion through acquisition and partnerships to strengthen their competitive presence. For instance, Nestle established its research and development center in India to tap local consumer insights. In addition, Tyson Foods acquired The Hillshire Brand Company, and collaborated with Godrej Foods India to launch new products specific to the regional taste. Kraft Foods' merger with the ketchup giant Heinz carried the objective to diversify its portfolio offerings. A perceptive approach to the market events and statistics makes the report a valuable source of reference for the business-owners and market stakeholders.
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